Xiaomi India claims it surpassed $1b in revenue in 2016


Xiaomi’s division in India claims to have topped $1 billion (roughly 6,800 crore rupees) in revenue in 2016, following an announcement in October that it sold more than 1 million smartphones in India in 18 days.

In a Facebook post celebrating the revenue milestone, head of Xiaomi India Manu Kumar Jain wrote that the company thinks it’s the first to cross the $1 billion revenue mark in a short period of time. It attributes its success in India to focusing on online sales and an ecosystem of companion products — a strategy it employed in China, its home market.

Sales of Xiaomi’s smartphones in India more than doubled to about 6.5 million in 2016, compared to the year prior, with over 2 million smartphones being sold in Q3 alone. Redmi Note 3 was the highest shipped device for the company.

India, with a population of 1.34 billion, overtook the US in 2016 to become the world’s second-largest smartphone market by users and is predicted to generate 1 billion smartphone sales in the next five years, according to the International Data Corporation (IDC).

Chinese-owned technology companies collectively dominate the Indian smartphone market with market share of about 40 percent as of Q3 2016, with Xiaomi as one of the leading Chinese vendors holding a market share of 10.7 percent in the same quarter, according to statistics from IDC.


Source: zdnet.com